This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Financial ETFs Decline Ahead of JPMorgan

NEW YORK ( TheStreet) -- ETFs tracking financials are shedding recent gains on Wednesday, a day before JPMorgan Chase (JPM - Get Report) opens the banking earnings season with its results.

Markets have been fluctuating as investors digest Intel's blowout earnings on Tuesday and weaker-than-expected retail sales data that came out today. Shares of JP Morgan are down 0.6%, while Wells Fargo (WFC - Get Report) and Goldman Sachs (GS - Get Report) are down 1.3% and 1% respectively.

The Financial Sector SPDR ETF (XLF) is down about 1%. Earlier this morning, the Mortgage Bankers Association said mortgage loan-application volume dropped 2.9% last week.

The biggest losers within the category are regional banking ETFs. KBW Regional Banking ETF (KRE) is down 1.9%. Its holdings include Bank of Hawaii (BOH - Get Report), down 0.7%, and CVB Financial (CVBF - Get Report), down 3.2%.

Retail and consumer discretionary ETFs were lower following weak retail sales data. The Consumer Discretionary Sector SPDR (XLY) shed 0.8% while the SPDR S&P Retail ETF (XRT) is down 0.9%.

Intel (INTC - Get Report) continues to lead tech stocks and ETFs higher. PowerShares Dynamic Technology (PTF) is a prominent gainer, led by the rally in Cisco (CSCO - Get Report) and VMWare (VMW - Get Report) among others.

--Reported by Shanthi Venkataraman in New York.

Follow on Twitter and become a fan on Facebook.

Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
KRE $41.48 0.48%
RTH $76.53 0.41%
PTF $41.59 0.25%
XLF $24.23 0.00%
BOH $60.94 0.23%


DOW 17,998.74 -36.19 -0.20%
S&P 500 2,102.27 +1.87 0.09%
NASDAQ 5,017.3590 +22.7570 0.46%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs